Crude oil took a 4% hit in Wednesday’s trading and Oklahoma energy stocks felt it as well with some falling from 2% to 4%.
Crude inventories, including those at the Cushing Hub in Oklahoma, fell more than expected, sending a surge in recession fears.
West Texas Intermediate crude dropped 3.6% on a $2.77 fall per barrel to close at $74.30 on the New York Mercantile Exchange.
Brent crude, the global benchmark, dropped 3.8% or $3.08 a barrel and finished at $77.69 a barrel on ICE Futures Europe.
Natural gas dropped 8.24% on a 19 cent fall to $2.12 per Mcf.
As OK Energy Today reported elsewhere in our newsletter, the Energy Information Administration revealed U.S. crude inventories dropped by 5.1 million barrels last week to 460.9 million. Analysts had predicted a drop of only 1.5 million barrels.
Oklahoma energy stocks took it on the chin again Wednesday with losses recorded across the board including a nearly 4% decline for ONE Gas and Ovintiv, while others including Devon Energy, Empire Petroleum, Mammoth Energy and SandRidge Energy dropped 2%.
APA Corp. (Apache) (APA) down 0.91 at 35.36 – change 2.51%
Cheniere (LNG) up 0.88 at 150.40 – change 0.58%
Chevron (CVX) down 3.01 at 165.98 – change 1.79%
ConocoPhillips (COP) down 1.62 at 100.47 – change 1.59%
Diamondback Energy (FANG) down 2.40 at 136.93 – change 1.73%
Energy Transfer LP (ET) down 0.05 at 12.48 – change 0.40%
Enterprise Products Partners (EPD) down 0.01 at 26.63 – change 0.04%
EOG Resources (EOG) down 1.01 at 115.66 – change 0.87%
ExxonMobil (XOM) down 1.07 at 115.45 – change 0.92%
Kinder Morgan (KMI) down 0.20 at 17.21 – change 1.15%
Marathon Oil Corp. (MRO) down 0.45 at 23.29 – change 1.90%
NOV Inc. (NOV) down 0.17 at 18.02 – change 0.94%
Occidental Petroleum (OXY) down 1.07 at 60.26 – change 1.75%
Phillips 66 (PSX) down 0.05 at 99.27 – change 0.06%
Pioneer Natural Resources (PXD) up 0.04 at 222.48 – change 0.01%
Tellurian Inc. (TELL) down 0.06 at 1.30 – change 4.42%
Valero (VLO) down 1.21 at 116.64 – change 1.03%
CLOSING TOP UTILITY STOCKS
American Electric Power (AEP) down 2.13 at 92.25 – change 2.26%
CenterPoint (CNP) down 0.48 at 30.35 – change 1.56%
Entergy (ETR) down 3.72 at 105.05 – change 3.43%
